Two fifths of UK and Irish payroll workers are unsure if they will remain within the sector in the next five years, a survey has found.
The survey, conducted with 400 payroll managers and senior leaders by finance software provider MHR, found that the main reasons for this potential exodus were high levels of stress, reported by 34 percent of respondents, concerns about job security (31 percent), and a lack of investment in individuals (22 percent).
The survey also showed that 56 percent of all payroll workers believe the sector needs greater investment, with 47 percent reporting that there is untapped potential in the payroll function in their organisation.
Ill-equipped for the future
MHR said the data highlights that payroll professionals do not feel equipped to embrace the future of the industry.
Fifty-seven 57 percent of respondents said they need to learn new skills to take advantage of innovation in the industry, while just four in 10 said they felt comfortable with the pace of change. This outlook is undermining morale, with just 45 percent of professionals excited about the future of the industry.
Jeanette Wheeler, chief HR officer at MHR, said: “Our data is clear – it’s time for organisations to take action when it comes to supporting their payroll workers. If they fail to act, then a brain drain is likely to follow.
“The arrival of new technology has the potential to make a career in payroll more rewarding and productive, opening up diverse and exciting career opportunities. However, this won’t happen by accident, and organisations must support employees, invest in their skills and development, and champion the function to ensure its potential is realised.”
Payroll innovation
Investment in skills is crucial, but the survey data shows this will be insufficient if organisations fail to invest in the right technology. The survey showed that 38 percent are still manually inputting data and 30 percent are piecing data together from several different reports. This situation leads to errors, with 89 percent of payroll workers stating there have been mistakes in the past 12 months which have led to late or incorrect payments.
Artificial intelligence is expected to have the greatest impact on the payroll function over the next five years, with 37 percent of respondents stating this.
Wheeler added: “As this year’s National Payroll Week (2-6 September) theme underlines, there are exciting career opportunities for those who choose payroll. To make this a reality, organisations must innovate their payroll function, maximising the opportunity new technology such as artificial intelligence brings to empower workers, increase accuracy and attract new talent into the industry.”
